Spanish Prime Minister Mariano Rajoy has given his first speech since the government published its 2012 budget last week, promising his austerity policies would create jobs and economic recovery in the end.
It was the country’s toughest budget in living memory, but as Rajoy said the worst his government could do would be nothing.
“I’m not here to give the Spanish people good news. Now is the time to establish the foundations for the recovery of the Spanish economy, so that we can soon create new jobs,” he insisted.
Pressure remains high on Spanish banks, so although Rajoy can play tough to keep investors happy, the fundamentals remain the same; many sick banks make for an unhealthy economy, and if one should go critical, well, then no-one is sure what will happen.